Shannon have endured a difficult start to the current Ulster Bank League campaign. They lie bottom of the Division 1A table after losing their opening four games and conceding an average of 40 points.
They did well to stave off relegation in Keogh's first season as player-coach, finishing eighth in the division, but on current form Shannon's youthful side look set to be involved in another relegation dogfight come the spring.
The statement, which comes just 48 hours after Shannon lost 45-13 at Old Belvedere, confirmed: "After meeting with club officers yesterday, Shannon RFC wish to announce the departure of their senior coaching team, Stephen Keogh and Eoin Cahill.
"The outcome of the meeting was that it was felt by both parties that it would be in the best interest of the club that both coaches step aside, and that a new voice may be a positive introduction for the future."
Praising Keogh and Cahill's dedication to their roles during their 18-month spell in charge, Shannon RFC Chairman Jack Keane said: "There's no doubt we are in difficult times in the Ulster Bank League but nonetheless, Stephen and Eoin have worked assiduously during their time as head coach and assistant coach respectively.
"Both have been great and successful servants to the club as players and have continued to demonstrate their commitment to the well being of Shannon RFC by dealing admirably with the events of the last few days.
"We wish both men the very best in their rugby and personal futures and thank them most sincerely for their efforts on behalf of Shannon RFC."
Shannon, the nine-time All-Ireland League winners, will hope to steady the ship as they look ahead to two crucial clashes with local rivals Garryowen and last season's champions St. Mary's in the next fortnight.
"The process of finding suitable replacements has only just begun, but we are very conscious that we still have two more league games to play before the November break including a hugely important game on Friday against Garryowen," added Keane.
"However, despite the urgency, our executive committee will not make any decision in haste and will look to carry out the process with all the due diligence expected."
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